Good weather boosts Kenya’s economic outlookMonday September 16 2013
The Kenyan economy is on course to achieving the predicted 5.6 per cent growth on the back of good weather, a Treasury official said on Monday.
This will be an improvement from the 4.6 per cent growth of the gross domestic product achieved last year, said Justus Nyamunga, the director of economic affairs at the National Treasury.
Mr Nyamunga said the tourism sector, which has underperformed over the past years, is expected to perform better this year, noting improvements in hotel bookings in the past few months.
Mr Nyamunga spoke when he made a presentation on the macroeconomic outlook for the 2014-17 Medium Term Expenditure Framework (MTEF) Budget at the KICC in Nairobi during the launch of the sector groups.
The groups are expected to come up with proposals and submit them to the Treasury by December 10.
The optimism about Kenya’s economic growth comes two months after the World Bank upgraded Kenya’s Policy and Institutional Assessment (CPIA) rating to 3.9 – the highest in sub-Saharan Africa – as a result of its effort to improve policies to boost institutional growth and reduce poverty.